you will be in the red more than you will want to be.....the one thing that nobody mentioned, that I read, is to see about swapping the house.....you are in the perfect situation for such a transaction....they are not complicated and the greatest advantage is that you will remove the bottomfeeder 6% right out of the equation....realtors are not too keen on the idea, obviously.....but, it's your finances take heed.......it's a stretch and you have some time to shop the idea around....there is a website on the internet about it also with minimun fees if you are able to negotiate a swap....you can always try yourself with ads in local papers in the area you are moving to....best of wishes....
1) Commission: There are a lot of discount agents out there that wil negotiate commission, but remember, you get what you pay for. Getting maximum value for your home is onviously critical....discount brokers may not do full scale marketing.
Plus, if someone is quick to give up THEIR paycheck, how quickly are they going to give up YOUR $$$ to the buyer's agent?
2) Buyers Closing Costs: A good agent should be able to negotiate the entire package that's in your best interest. When interviewing agents, ask for specific examples of their negotiating skills. Ask for references.
Another idea is to rent or lease your home until the market starts to recover. (Although no one knows how long this will be!) Talk to your CPA or attorney....there are advantages to owning investment property.
Talk to several local agents (in person!) about your situation and potentially listing your home. Ask for specific advice on what they would do n your situation. Ask for specific examples of what creative marketing strategies the agent will use to get your home sold.
Ultimately, choose a REALTOR that you are comfortable working with...one that you trust...and one with experience (as an investor and a Realtor!) to guide you through your situation.
Hang in there!!
I am glad you are doing your research now to plan for this coming June/July. Hopefully the market continues to pick up like it did this month. The foreclosures/bank owned plus short sales are a huge majority of our market. It will be a lot easier to be competitive once they are gone.
Of the 87 for sale, REO-36, Short Sales-25, New Homes-7, Relocation company-1, Normal re-sale-18.
Seems you have two choices:
1) Put an agressively low price on the house now and take a loss now.
2) Rent out for the next few years at negative montly cash flow and hope that the area recovers.
Personally, I would dump now. I dont know Mountain House specifically , I do know that the entire general Tracey/Stockon/Modesto area is ground zero of overbuilding and falling prices, so it might take a quite while to recover. Given that most housing cycles are 5-10 years in length, and this was the biggest boom in US history, its likely to take some time. You might just end up selling at a loss a few years from now if you try to wait it out.
Last year, while planing to buy this home, I did not have to intention in job change, but after purchasing this home , there was movement in Green card.
Now , I am in the dilemma of whether should I wait for my current house appreciation and push my job switch for few years, Or take the loss and make the move. Because, if the market is bad here, It will be bad there too, hence, I may loose some money here, but can get a very good deal in Seattle-Bellevue area + I can have my dream job in my dream company.
Of course, renting is one of the possibilities that I am looking into.